![](\"https:\/\/taxwhatifdoctor.com\/wp-content\/uploads\/Blog-Pic-2023.03.21.png\" "\\"Tax")
<\/a><\/div>Tax Planning and Estate Planning Are a Lot Alike, and Ignored By Most!<\/a><\/span>People try, but \u201cadulting\u201d is hard! \u00a0Kids, pets, job, relatives, friends, bills, medical problems, car problems, work problems all in the last day, so when I have time I will start tax planning.\u00a0 Same as\u2026.so when I have time I will start estate planning, it\u2019s just so far down on most peoples\u2019 day to day list of things to do that all the other issues just cycle in some complex order that nobody understands and the last two items never seem to bubble up to the top\u2026UNTIL THEY DO! If you are a business owner, thoughts of tax planning might bubble to the surface a couple times a year, perhaps March 15th and April 15th (or later if you have<\/p><\/div><\/li>
<\/a><\/div>Tax Planning: It Isn\u2019t Just For Breakfast Anymore<\/a><\/span>All around the country, there are people in an absolute panic because the real tax deadline for personal tax return\u00a0extension filers is approaching and they\u00a0are running out of time.\u00a0The exception would be for those who have been affected by flooding or other natural disasters and may be given an extended deadline by the IRS.\u00a0Those people may now have additional time to file, but would need to check the IRS website to see if they are in an affected area recognized by the IRS and would be covered by the exception.\u00a0For the rest of us extension filers, there are some choices that need to be made quickly.\u00a0The deadline is just a few weeks away.\u00a0You\u2019re not ready. What do you do?\u00a0 The<\/p><\/div><\/li>
<\/a><\/div>They Zig, We Zag<\/a><\/span>People who are worried about the 10 year rule, requiring beneficiaries of inherited IRAs to withdraw the entire balance within 10 years, can double that time with a CRT beneficiary in front of inheritors. What if you really have a big IRA and the 10 year rule just isn\u2019t enough of a stretch to help your beneficiary stay out of the top tax bracket? Or any other reason you care about reducing the negative tax impact from the 10-year rule? You could use other remaining tax rules to your benefit by setting up a charitable trust. A charitable trust allows the retirement assets to continue growing tax-deferred, even once the assets are distributed from the retirement account into the CRT.<\/p><\/div><\/li>
<\/a><\/div>\u201cFall\u201d Into Tax Savings for Next Year!<\/a><\/span>With signs of fall in the air, it\u2019s time to start thinking about things that need to be done to prepare for winter. The garden harvests are rolling in, fresh vegetables are everywhere and it\u2019s really, really great. Time to fill up your oil tanks before the price change, and at least know where those snow tires are in the back of the garage. It\u2019s also time for tax planning. There are so many things in the tax code that have time limitations. It\u2019s really time to check in with yourself if you want to actually participate in your bill with the IRS. Taxes can be very much within people\u2019s control, even though they don\u2019t feel that way. If you\u2019re<\/p><\/div><\/li>
<\/a><\/div>It\u2019s the End of the Road for Tax Procrastinators<\/a><\/span>This last wave of tax filers are quite often the most productive people in our economy. Many are business owners, some with more than one business, or at least in some ways just have a lot going on, which means they usually add and not subtract from the tax base. That said, if your taxes are not done yet, then you\u2019re in a rush (or should be) to get everything ready for filing, which usually means you\u2019re not getting everything done accurately, and very often means you\u2019re not getting any real tax mitigation advice either. It\u2019s a vicious cycle. You wait to file because you are so busy getting ahead and just plain getting things done, then comes the fear<\/p><\/div><\/li><\/ul> <\/div>